Used extensively in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions, this compound serves as a key intermediate for creating complex organic molecules. Its boronic acid group facilitates the formation of carbon-carbon bonds, making it valuable in pharmaceutical research for developing new drugs. Additionally, it is employed in materials science for synthesizing advanced polymers and coatings. Its hydroxylmethyl group enhances solubility and reactivity, enabling its use in aqueous reaction conditions. This compound is also explored in sensor technology for detecting specific analytes due to its selective binding properties.